2021-03-08 15:20:30

Will Cryptocurrency Balance the Financial Scales?

Bringing together leaders, lawmakers and lawbreakers. Host Luke Fox explores how innovations in business and technology are redefining our trust in security measures.

 

There’s a lot of trust that’s necessary in the standard world of banking. Consumers don’t control transactions; they simply trust the bank will make them. So, why not cut out the middleman? Cryptocurrency could be the answer. Host Luke Fox welcomed fintech expert Adella Toulon-Foerster to the show to discuss everything crypto and bitcoin. Toulon-Foerster has an impressive backstory, holding two legal degrees and working for think tanks, law firms, and governments.

First, Toulon-Foerster explained what bitcoin is. “It’s a centralized digital currency without a bank or single administrator recorded on blockchain, which is a public ledger. It’s the most transparent financial system.”

While its operations are transparent, many feel its clouded in secrecy, but Toulon-Foerster assets its “trustless.” “With bitcoin, you don’t have to trust a bank will complete the transaction. Once it’s sent, it’s done, the end, no middleman.”

One thing that drives Toulon-Foerster’s interest in cryptocurrency is that it could be a source of equity and equality. “It’s a permission-less way for the disenfranchised to participate in a global financial ecosystem without a government.”

Cryptocurrency doesn’t require dependence on a financial institution. Its value and awareness of it are rising, with tweets from Elon Musk and a $1.5 billion investment by Tesla. How to categorize bitcoin is a tricky subject. “It depends is the answer. It could be a currency, but it’s not legal tender. It could be a commodity or property.”

Could bitcoin become completely mainstream? That’s certainly within reach, as it may be more accessible and valuable than money one day.

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